Asia’s richest man was in SA in August to launch a $10m fund for entrepreneurs in Africa, the Jack Ma Foundation Netpreneur Prize.

It will fund 100 young African entrepreneurs for 10 years, hoping to empower “a new generation of entrepreneurs, and focusing on small business growth, grassroots innovation and women founders.

“It’s very important for Africa to create jobs. The best way to create jobs is to encourage small business, to encourage young people,” Ma said.

The story of Alibaba’s improbable success and Ma’s rags-to-riches story is now legendary, especially in the start-up world. With no resources and working from his apartment with 17 co-founders, he launched an internet company that is now among the top 10 in the world.